The exchange between Corzine and one of his employees is just one of dozens of details explaining how MF Global allegedly improperly moved customer funds in the final days of the firm in 2011, which led to more than $1 billion in missing customer funds.

On October 31, 2011, MF Global Holdings Ltd. filed for bankruptcy, and on the one-year anniversary of the firm's collapse no criminal charges have been filed against anyone for the misuse of $1.6 billion in customer funds. Under federal law, commodities trading firms like MF Global are required to segregate customer funds from their trading accounts. But, it is widely known now that MF Global and illegally used customer funds to place bets on European sovereign debt. Jon Corzine, former Democrat Governor and U.S. Senator from New Jersey, was at the head of MF Global when it was independently discovered that hundreds of millions of dollars in customer funds were missing.

Jon Corzine, the former New Jersey governor who led the collapsed brokerage MF Global, has been ordered to pay a $5 million penalty for his role in the firm's alleged illegal use of almost $1 billion in customer funds.

A federal court in Manhattan on Thursday granted the order against Corzine to the U.S. Commodity Futures Trading Commission, which brought civil charges against him in 2013. Following the stunning collapse of the big Wall Street firm in late 2011, the CFTC alleged that MF Global misused customer funds in a vain attempt to remain solvent.

MF Global Holdings Ltd. settled a U.S. government lawsuit, agreeing to pay $1.2 billion in restitution and a $100 million fine for customer losses tied to the company’s 2011 collapse. The U.S. Commodity Futures Trading Commission sued MF Global and company officials including former Chief Executive Officer Jon Corzine last year for failing to properly supervise employees as the firm spiraled toward bankruptcy.

Federal regulators are accusing former New Jersey Governor Jon Corzine of failing to properly manage MF Global, which misused customer funds before its 2011 collapse. A civil lawsuit filed Thursday by the Commodity Futures Trading Commission seeks to ban Corzine from trading in the futures market and demands he pay unspecified penalties. The lawsuit said Corzine bore responsibility for MF Global's unlawful acts because he directly or indirectly controlled the company and its holdings and "either did not act in good faith or knowingly induced these violations." "He also failed to supervise diligently the activities of MF Global's officers, employees and agents.

Poor management decisions by MF Global's former CEO Jon Corzine triggered the brokerage firm's collapse, while lax protections for customer funds contributed to the loss of an estimated $1.6 billion of customer money, U.S. congressional investigators have determined. Evidence unearthed by the House Financial Services Subcommittee on Oversight puts the blame squarely on Corzine, the panel's chairman Rep. Randy Neugebauer, said in a preview of the report that will be released on Thursday.

In the days following MF Global’s stunning implosion last year, a senior executive at the firm made a startling concession to investigators looking into both the company’s demise and the loss of more than $1 billion in customer money, according to people with direct knowledge of the matter. MF Global’s chief financial officer for North America, Christine Serwinski, told investigators that her boss, MF Global’s chief executive, Jon Corzine, was well aware of the use and possible misuse of the customer funds during the firm’s final days, and as a result, Corzine may end up in “jail,” these people add.

The implosion of MF Global appears to be the single most investigated event in recent Wall Street history. The FBI, two US attorneys, the Securities and Exchange Commission, the Commodity Futures Trading Commission and several congressional committees all say they’re looking into the firm’s spectacular collapse last fall — and at just who’s responsible for the mysterious disappearance of $1.6 billion in customer money in its final days. Yet investigators say they’re having a tough time assigning culpability. Then-CEO Jon Corzine insists he was clueless about what was happening; mass confusion is the best explanation the probes seem to have found.

Corzine stole the money to margin bad trades he made through his MF account. He invested in European bonds, chasing yield and seeking to make big proprietary profits for MF Global. Their earnings were under huge pressure because the operations of the company weren’t particularly efficient, and the yields on US Treasury debt are so low that they weren’t able to earn a projected return on excess deposits. The MF Global fraud is just another blip in the continuous waterfall of events that further erodes the general public’s confidence in the public markets. -Jeff Carter

It took a while, but investigators say they've tracked down the $1.6 billion in customer funds that disappeared from MF Global following the firm's collapse. Getting it back is another matter... Going forward, though, Giddens said the "more complex phase" is to retrieve as much of that as possible. He said the company is "aggressively pursuing" that recovery. "And we'll continue to pursue that with a goal of getting back as much of the property as we can," Giddens testified before the Senate banking committee on Capitol Hill.

Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co. (JPM) accounts in London, according to an e-mail sent by a firm executive. Edith O’Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was “Per JC’s direct instructions,” according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News.

Montana farmers have filed a class action suit against former New Jersey governor Jon Corzine, charging that the failed financial firm run by Corzine stole millions from their accounts to pay off its spiraling debts, and that Corzine's "single-minded obsession" with making MF Global a big player on Wall Street led to the firm's collapse.

As the first former U.S. senator to be subpoenaed by Congress in more than a century, Jon Corzine testified Thursday about the “last chaotic days” of MF Global, the trading firm that declared bankruptcy under his watch. Corzine said he was “stunned” to learn that the firm could not locate hundreds of millions of dollars in client money in the days before the firm’s collapse, and said he had no idea where the money had gone.

Jon S. Corzine, the former U.S. senator and New Jersey governor who presided over the collapse of the commodities brokerage MF Global, says he cannot explain what happened to “many hundreds of millions of dollars” that the firm was holding for customers.

WASHINGTON—Two former employees of failed brokerage MF Global have sued its top executives and directors, including ex-CEO Jon Corzine, the former governor and senator from New Jersey. The two employees say the executives lied about MF Global's finances and encouraged workers to put their retirement savings into company stock that later plummeted.

MF Global, which filed for bankruptcy protection on Monday, is the biggest U.S. casualty of Europe's debt crisis, and the seventh-largest bankruptcy by assets in U.S. history.

A former MF Global employee accused former president William J. Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy.

Jon Corzine, former CEO of MF Global, has given tens of thousands of dollars to the Democratic Party in recent months, putting Democratic lawmakers in awkward positions ahead of Corzine’s subpoenaed appearance before a House committee next week.

WASHINGTON – A congressional panel subpoenaed former Sen. Jon Corzine to testify at a hearing next week about his role leading MF Global, a brokerage firm that collapsed this fall after a disastrous bet on European debt. The House Agriculture Committee voted Friday to issue the subpoena.

The court-appointed trustee overseeing the liquidation of MF Global’s brokerage now estimates that the shortfall in the firm’s customer funds could be more than $1.2 billion, double previous estimates.

NEW YORK (Reuters) - Three weeks after MF Global's collapsed, furious former customers are still fighting for access to billions of dollars as they question why as much as two-thirds of their money is still stuck.

LIBERTY SQUARE, NY - November 3 - Today (Thursday, November 3rd) the People, the 99 percent, will hold A People’s Hearing of Goldman Sachs in Liberty Square Park and march on Goldman Sachs! The people will bring to justice perhaps the single most egregious perpetrator of economic fraud and corruption in the United States. The Hearing will include testimonials from individuals directly affected by Goldman’s fraudulent manipulation of financial markets, including victims of housing foreclosures, pension losses, public lay-offs and untenable student debt.

Jon S. Corzine, the former U.S. senator and New Jersey governor who presided over the collapse of the commodities brokerage MF Global, says he cannot explain what happened to “many hundreds of millions of dollars” that the firm was holding for customers.

“I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others, " he said in the statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.”

Months before MF Global teetered on the brink, federal regulators were seeking to rein in the types of risky trades that contributed to the firm’s collapse. But they faced opposition from an influential opponent: Jon S. Corzine, the head of the then little-known brokerage firm.

Late last year MF Global—the failed investment firm headed by Democratic heavyweight Jon S. Corzine that can't account for as much as $900 million of its clients' money--urged a federal agency to allow futures firms to invest funds from their customer segregated accounts in foreign sovereign debt.

Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.

Besieged broker MF Global is expected to file for bankruptcy today after a frantic effort over the weekend by CEO John Corzine to strike an out-of-bankruptcy appeared to come up came up short, The Post has learned. Corzine is not expected to stay on at MF Global — an embarrassing outcome for a Wall Street titan who led Goldman Sachs before being ousted in 1999.

There was another revelation Tuesday that is likely to add to talk about the governor's accident _ Corzine's SUV was going 91 mph in a 65 mph zone just before the crash, according to state police. "He's a governor," Tim said. "He should have been showing us an example. I wear my seat belt all the time." The governor, in fact, has been a proponent of seat belt usage.

Authorities are winding down their criminal investigation of the failed brokarage firm, MF Global, and despite the lack of oversight and the loss of more than $1 billion in customer funds, it now seems unlikely that anyone at the firm will face criminal charges. The New York Times is reporting this morning that after ten months of investigation by federal prosecutors, sources say there isn't even enough evidence to charge any of the firm's executives in a criminal probe. The company may have failed spectacularly when it came to oversight and risk management, but the losses cannot be chalked up to outright fraud.